Obama campaigned on tax the rich and now he has gotten that passed. So my thought is with no significant budget cuts yet implemented what will they do next? The amount this tax the rich will bring in is not going to stop the spending of borrowed money or even slow it down. He just proposed another 500 million in spending we do not have to try to control guns. So how is the tax the rich helping to reduce the deficit? I can't see the passage of the tax the rich helping our debt situation at all. He continues to spend like a teenager with daddy's unlimited credit cards.

Problem is the debt is not going away it is getting worse by the day and if the economy ever improves even a little the interest on the debt will increase and we are only paying the interest on the debt now and still having to borrow more to meet our basic obligations. They have drained our Social Security trust fund dry so they no longer have a convenient slush fund. Madoff was small compared to what our leaders in Washington from both parties have done to all of us. I don't just hold the Democrats guilty here - BOTH parties have done this to us.

So what will happen when the tax the rich does not solve the problem? More taxes on the next level of income down to say 150K? Serious cuts? A debt ceiling that insures our kids pay 50% taxes just to pay the interest on the debt?

I don't care what party you are in I reall want to know what you think the next move they will have to take. I truly am worried as I am on the verge of retiring and it scares me to think of us being another Greece.

Top Opinion

Higher taxes will not solve anything. We all know they will just go to new spending, not debt reduction. The only solution to the mess we're in is devolution of powers stolen by the federal government back to the States. This would reduce federal cash spending by about $3 trillion per year, generating a $1 trillion annual surplus. The official investor owned debt could be paid off within about 15-20 years. Also, most of the off balance sheet debt would disappear, as SS, Medicare. and Medicaid would be devolved to the States in some phased manner. Once most of the debt is paid off or cancelled, taxes could be cut in half as the $1 trillion annual surplus would no longer be necessary.

With the debt ceiling raised in return for nothing he is home free. He has successfully conviced the minions that we can spend our way to prosperity, if only there is no debt ceiling.
Amnesty, which will destroy the US quicker and more completely than the debt.
Gun Ban.

I feel sick just thinking about what Obama and his cohorts are doing to this great nation.
1. Amnesty to illeagal alians.
2. Outsourcing jobs.
3. The Big Bailouts.
4. Banniong assault weapons.
5. Dumming down America.
5. Indoctrinating children into Liberalism.
7. 52 some Czars that do not ansower to Congross.
8

Higher taxes will not solve anything. We all know they will just go to new spending, not debt reduction. The only solution to the mess we're in is devolution of powers stolen by the federal government back to the States. This would reduce federal cash spending by about $3 trillion per year, generating a $1 trillion annual surplus. The official investor owned debt could be paid off within about 15-20 years. Also, most of the off balance sheet debt would disappear, as SS, Medicare. and Medicaid would be devolved to the States in some phased manner. Once most of the debt is paid off or cancelled, taxes could be cut in half as the $1 trillion annual surplus would no longer be necessary.

Thanks. It would be great, but it won't happen. Devolving usurped powers back to the States would leave the federal Congress with almost no influence to sell for campaign cash and votes. One of the reasons the Founders limited federal powers to international matters was to minimize plutocracy (in addition to preventing tyranny and excess sovereign debt). Well, now we have plutocracy, tyranny, and excess sovereign debt. It's easy to see now the wisdom behind federalism (Tenth Amendment vertical separation of powers). But in the end, a Constitution that is not obeyed is just a sheet of paper, no matter how great its words are.

It would also turn over all the entitlements to the states to finance which would be a real nightmare. Can you imagine Medicare etc being turned over to the states? The states already do food stamps and Medicaid thus the wide variances in coverage from state to state. This mess was created by the feds after they stole all our Social Security trust fund and now the barrel is empty. I don't see an out that will not seriously harm the economy but the boondoggle of putting this gross overspender back in there to make an already serious situation even worse is really sad.